"BitMine Immersion Technologies (NYSEAMEX:BMNR) is aggressively pursuing a strategy of accumulating Ethereum ( ) as its primary reserve asset to capitalize on blockchain's growth and become an Ethereum treasury company. This approach mirrors the Bitcoin ( ) treasury model created by Strategy ( NASDAQ:MSTR ) but focuses on Ethereum's ecosystem, including staking for yields and supporting innovative projects. Recently, BitMine acquired an additional 46,255 ETH for $201 million from a BitGo wallet, according to Onchain Lens, a blockchain analytics platform, bolstering its position as the world's largest corporate ETH holder and helping its stock surge 50% this week amid crypto market enthusiasm."
"However, much of this rally stems from its $20 million strategic investment in Eightco Holdings (NASDAQ:ORBS) (its ticker symbol just changed from OCTO), a firm adopting a similar treasury path but centered on Worldcoin (CRYPTO:WLD) - an ERC-20 token for proof-of-human verification - rather than ETH or BTC. Eightco rocketed 3,000% higher on Monday, peaking at a 5,000% intraday gain, only to crater 60% since and going for $18 per share today in midday trading - a level still far above Friday's $1.45 per share close."
BitMine is pursuing an Ethereum-first treasury strategy, accumulating ETH as its primary reserve to benefit from DeFi, NFTs, and AI integrations while staking for yields. The company holds 2,126,018 ETH valued at $9.24 billion and recently purchased 46,255 ETH for $201 million, positioning it among the largest corporate ETH holders. The firm aims to control about 5% of Ethereum's total supply to capture network effects and influence. A separate $20 million strategic stake in Eightco generated significant stock momentum but also illustrated extreme volatility and the risks of chasing fleeting crypto treasury trends.
Read at 24/7 Wall St.
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